Minda Corporation LimitedAutomobilesMINDACORP
Q1 FY27 concall · earnings callMinda Corporation Limited
Minda Corporation reported record quarterly revenue and profitability, driven by strong automotive industry growth, strategic consolidations, and a growing share in the EV segment.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹1,846 Cr | 33.2% | |
| EBITDA | ₹212 Cr | 35.4% | |
| EBITDA Margin | 11.5% | 19 bps | |
| PAT | ₹206 Cr | 216% | |
| Order Book Addition (Lifetime) | ₹2,500 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,252.56 Cr+7.4% YoY-2.9% QoQ | ₹64.80 Cr+23.5% YoY-12.8% QoQ | ₹2.75+23.3% YoY-13% QoQ |
| Q2 FY25 | ₹1,290.01 Cr+7.9% YoY+8.2% QoQ | ₹74.34 Cr+26.5% YoY+15.8% QoQ | ₹3.16+26.4% YoY+15.8% QoQ |
| Q1 FY25 | ₹1,192.39 Cr+11% YoY-1.9% QoQ | ₹64.20 Cr+42% YoY-9.3% QoQ | ₹2.73+42.2% YoY-9.3% QoQ |
| Q4 FY24 | ₹1,214.98 Cr+13.1% YoY+4.2% QoQ | ₹70.75 Cr-42% YoY+34.8% QoQ | ₹3.01-42% YoY+35% QoQ |
| Q3 FY24 | ₹1,165.81 Cr+9.1% YoY-2.5% QoQ | ₹52.49 Cr+0.4% YoY-10.7% QoQ | ₹2.23+0.5% YoY-10.8% QoQ |
TL;DR
- Record quarterly revenue of INR 1,846 crores, up 33.2% YoY.
- Record EBITDA of INR 212 crores with margin at 11.5%, a 19-bps YoY improvement.
- PAT surged 216% YoY to INR 206 crores, including a INR 106 crore exceptional gain from Minda VAST consolidation.
- Associate company Flash Electronics revenue grew 42% YoY to INR 533 crores.
- EV revenue at group level is close to 14%, with Minda Corp's EV revenue growing 40% YoY and Flash's EV revenue growing 90% YoY.
- Order book increased by INR 2,500 crore during the quarter.
Said on the call
“We registered our highest ever quarterly revenue of INR 1,846 crores, reflecting 33.2% YoY growth. We also registered highest ever quarterly EBITDA, and for the first time, we crossed INR 200 plus crore EBITDA in a single quarter.”
From the Q&A
| Topic | What management said |
|---|---|
| Order Book & Future Growth | Management stated momentum in wiring harness (30%+ YoY growth) and instrument cluster (35%+ YoY) is expected to continue into FY28, driven by past order wins and new customer penetration. |
| Minda VAST Performance | Minda VAST revenue grew 22% YoY, contributed INR 125 crores to Q1 revenue, and its margin improved to 8.4% from 6.5% a year ago, with the aim to bring it to par with Minda Corp's overall margin. |
| Flash Electronics Outlook | Targeting strong double-digit growth in the range of 20-24% for Flash, with confidence in maintaining a longer-term EBITDA margin of 16-17% despite recent pressures from commodity and labor costs. |
| Capital Expenditure | Guidance for FY27 capex is about INR 400 crore, spread across business verticals without specific allocation to EV or ICE. |
| Switches Business Ramp-up | The switches business has a lifetime order book exceeding INR 1,000 crore, with SOP expected in Q1 FY28 and revenue of about INR 150 crores targeted in its first year (FY28). |
| Profit from Associates/JVs | The dip in share of profit from associates/JVs (excluding Flash) was attributed to lower contribution from Furukawa, which was deemed temporary, and extra depreciation at Flash. |
Guidance
- Targeting Vision 2030 revenue of INR 17,500 crores and EBITDA margin of 12.5%.
- Expects FY27 margins to be maintained anywhere between 11.5% to 12%.
- Targeting Flash Electronics revenue growth in the range of 20% to 24% for the full year.
- FY27 capital expenditure guidance is about INR 400 crore.
Source
Summary written from the transcript filed by Minda Corporation Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 13:17 IST.
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